U.S. rapidly cutting dependence on foreign oil

New federal data shows the U.S. dramatically cutting its dependence on foreign oil.

The Energy Information Administration's short-term outlook shows that oil production in the U.S.
is expected to hit 9.3 million barrels per day in 2015. That would be the most production since
1972 and not far from the record of 9.6 million barrels per day set in 1970.

Credit the massive energy finds in places like Texas and North Dakota for the big increase in
production in this country. Production also is expected to pick up in the Gulf of Mexico.

The combination of increased production and an economy less dependent on oil is having a big
impact on consumption of foreign oil.

The share of liquid fuels consumption met by imports peaked at more than 60 percent in 2005 and
fell to 33 percent in 2013. The government's report says that number will fall to 24 percent in
2015, the lowest level since 1970.

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